Wednesday, January 26th – saw the front-month NYMEX Natural Gas Futures Contract open at $4.348, twenty-nine cents above Tuesday’s closing price of $4.053. Marking the intraday high of $4.372 following a pre-session rally, the contract trended lower into the morning. Analysts are crediting the overnight move to forecasts now calling for an early February cold spike and an expected jump in LNG demand as European energy woes persist. Reaching an intraday low of $4.187 at 12:30PM, February closed higher on Wednesday at $4.277.
The more actively traded March contract similarly gapped higher overnight to open at $4.160. March finished the day at $4.036, up fourteen cents.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 195 BCF withdrawal from storage for the week ended January 21st. This compares to a 128 BCF withdrawal at this time last year and a five-year average withdrawal amount of 161 BCF.
As of 6:20AM EST this morning in Globex, WTI Crude was up six cents; Natural Gas was up 11 cents; Heating Oil was up two cents; and Gasoline was up slightly.
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February NYMEX Natural Gas Futures Contract Closed at $4.277 on Wednesday, January 26th
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